South Korea's chief economic policymaker said Sunday that the impeachment of the country's president will have a limited impact on the economy, as well as the financial markets, vowing to implement current economic policies in a consistent mode.  Last week, the country's parliament overwhelmingly voted to impeach President Park Geun-hye, immediately suspending her authority. There have been concerns that Asia's fourth-largest economy, currently faced with a protracted slump at home and abroad, m

When China’s exports to the US decline, so do South Korean exports to China. But the trend seems to be weakening, according to new analysis by South Korea’s central bank released Wednesday. According to the Bank of Korea, which analyzed the final destinations of exported Korean goods using the World Input-Output Table based on the 2001-2014 period, if China’s exports to the US decline 10 percent, South Korea’s total exports would fall 0.36 percent. The analysis was con

The number of anti-dumping measures taken against South Korean goods has increased this year, with half of such measures targeting steel and petrochemical products, data showed Wednesday. A total of 132 anti-dumping measures have been imposed on South Korean-made goods in the first 11 months of this year, according to data compiled by the Korea International Trade Association. It compares to 106 cases in all of last year. Anti-dumping measures are duties applied on imported goods when they

With a parliamentary vote to impeach President Park Geun-hye two days away, the glare of investor attention is focused on its outcome with a rejection more likely to increase stock market volatility than a passage, analysts said Wednesday.Opposition parties and some ruling party lawmakers are slated to put an impeachment motion against President Park to a vote at the plenary session of the 300-member National Assembly on Friday -- the first such case since 2004. Park has snubbed mounting public

South Korea's consumer prices are expected to remain at a low 1 percent-range next year due mainly to a slowdown in the world economy and a modest rise in oil prices, coupled with contracted domestic demand, a state-run think tank said Tuesday."Korea's inflation is projected to mark a 1.1-1.4 percent rise in 2017, implying that the probability of achieving the inflation target (of 2 percent) is low," the Korea Development Institute said in a report."Oil prices are expected to rise gradually. How

Some local banks are considering offering voluntary retirement programs to their workers in a bid to cut costs amid a prolonged economic slowdown, industry officials said Tuesday.NongHyup Financial Group said its flagship unit, NH Nonghyup Bank, is to let 411 employees go under a voluntary retirement program by the end of the year. NongHyup Financial also said 14 other employees in other affiliates are set to leave their companies in the coming weeks. NongHyup Financial said the outgoing workers

South Korean households' overseas spending rose 16.8 percent in the third quarter from a year earlier on increased outbound travel to foreign countries, the central bank said Tuesday.South Korean households spent 8.21 trillion won ($7 billion) overseas in the July-September period, compared with 7.03 trillion won in the same period last year, the Bank of Korea (BOK) said.It marked the first time that households' overseas quarterly spending has surpassed 8 trillion won.The figure accounts for 4.3